{"product_id":"reinventing-state-capitalism-aldo-musacchio-9780674729681","title":"Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond","description":"\u003cp\u003eThe wave of liberalization that swept world markets in the 1980s and 90s altered the ways that governments manage their economies. \u003ci\u003eReinventing State Capitalism\u003c\/i\u003e analyzes the rise of new species of state capitalism in which governments interact with private investors either as majority or minority shareholders in publicly-traded corporations or as financial backers of purely private firms (the so-called \"national champions\"). Focusing on a detailed quantitative assessment of Brazil's economic performance from 1976 to 2009, Aldo Musacchio and Sergio Lazzarini examine how these models of state capitalism influence corporate investment and performance. \u003c\/p\u003e\u003cp\u003e\u003c\/p\u003eAccording to one model, the state acts as a majority investor, granting the state-owned enterprise (SOE) financial autonomy and allowing professional management. This form, the authors argue, has reduced many agency problems commonly faced by state ownership. According to another hybrid model, the state uses sovereign wealth funds, holding companies, and development banks to acquire a small share of equity ownership in a corporation, thereby potentially alleviating capital constraints and leveraging latent capabilities. \u003cp\u003e\u003c\/p\u003eBoth models have benefits and costs. Yet neither model has entirely eliminated the temptation of governments to intervene in the operation of natural resource industries and other large strategic enterprises. Nevertheless, the longstanding debate over whether private ownership is superior or inferior to state capitalism has become irrelevant, Musacchio and Lazzarini conclude. Private ownership is now mingled with state capital on a global scale.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eAuthor:\u003c\/b\u003e Aldo Musacchio, Sergio G. Lazzarini\u003cbr\u003e\u003cb\u003eISBN-10:\u003c\/b\u003e 0674729684\u003cbr\u003e\u003cb\u003eISBN-13:\u003c\/b\u003e 9780674729681\u003cbr\u003e\u003cb\u003ePublisher:\u003c\/b\u003e Harvard University Press\u003cbr\u003e\u003cb\u003eLanguage:\u003c\/b\u003e English\u003cbr\u003e\u003cb\u003ePublished:\u003c\/b\u003e 04\/22\/2014\u003cbr\u003e\u003cb\u003ePages:\u003c\/b\u003e 368\u003cbr\u003e\u003cb\u003eFormat:\u003c\/b\u003e Hardcover\u003cbr\u003e\u003cb\u003eWeight:\u003c\/b\u003e 1.45lbs\u003cbr\u003e\u003cb\u003eSize:\u003c\/b\u003e 9.38h x 6.40w x 1.26d\u003cbr\u003e\u003cbr\u003e\u003cb\u003eReview Citation(s): \u003c\/b\u003e\u003cbr\u003e\u003ci\u003eChoice\u003c\/i\u003e 09\/01\/2014 pg. 129","brand":"Aldo Musacchio","offers":[{"title":"Hardcover","offer_id":43925566193919,"sku":"9780674729681","price":72.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0662\/2982\/9887\/products\/img_e6debca8-91cc-48ef-bdc9-0be66ebd4a54.jpg?v=1681078030","url":"https:\/\/www.whiterainbookhouse.com\/products\/reinventing-state-capitalism-aldo-musacchio-9780674729681","provider":"WR Book House","version":"1.0","type":"link"}